A winning plaintiff in a civil court case has a big job ahead of him if the judgment in his favor includes a monetary award. Rather than just being a plaintiff, he is now a judgment creditor with an outstanding debt he is entitled to collect. Now is when the real work begins.
Collecting money judgments is rarely easy. That’s good for us. If collecting were easy, Judgment Collectors wouldn’t be needed. Creditors could collect on their own and be done with it. But the reality is that our services are needed. They are needed because collecting money judgments is time-consuming, complex, and even a little frustrating at times.
A judgment creditor attempting to collect on his own may or may not get paid. But if he hopes to succeed, he needs a couple of things in his back pocket.
1. Realistic Goals
Goals are the foundation of any plan for success. Whether it is starting a business, building a career, or succeeding in the competitive arena, it all starts with goals. So does successful judgment collection. So it is important that creditors establish some reasonable goals right from the start.
It’s probably not reasonable to expect full payment the day after collection efforts begin in earnest. A more reasonable goal might be full payment over several years or 75% of the amount over 12 months. Goals should be set based on the creditor’s collection capabilities combined with the debtor’s resources.
2. A Professional Attitude
The legal process governs judgment collection. As such, it is really important that creditors maintain a professional attitude. All their interactions with a debtor should be above board. When sending letters, making phone calls, and contacting a debtor’s attorney, a polite and professional tone is the way to go.
3. Basic Investigative Skills
Judgment creditors also need basic investigative skills. They need to assume that debtors will not be totally forthright with the income and asset information they provide. Some debtors do not even give honest answers about where they live and work. It is the creditor’s responsibility to verify information.
Creditors should be prepared to do some digging into income and assets that are not disclosed. Furthermore, they should know where to look. As a judgment collection agency with a proven track record, we are confident in the combination of public and private resources we use for investigative purposes.
4. Basic Knowledge of the System
Once collection efforts get underway, it quickly becomes apparent to most judgment creditors that there is more to collecting than meets the eye. Avoiding surprises is a matter of having a basic knowledge of the system. For example, what collection strategies are available? How do I implement each strategy effectively?
Creditors generally have access to tools like garnishment, property liens, and writs of execution. They can also work out voluntary payment plans or accept a payment of a smaller amount. There are plenty of options. But each one comes with its own unique characteristics.
5. A Considerable Amount of Patience
Rounding out the list is patience. Few things in the collection business are easy and straightforward. There are rules to follow, deadlines to pay attention to, and hoops to jump through. The successful judgment creditor is a patient creditor who does things by the book and lets the system take care of the rest.
If you have an outstanding money judgment and don’t think you have what it takes to succeed, no worries. Judgment Collectors is in your corner. If we can help you, we would be glad to take your case on consignment.